The residential sales market keeps slowing down. The number of pending sales, which is the number of units that are currently in contract, stands at 2,760. This value is 12% lower than a month ago and 27% lower than a year ago; it has been decreasing for 19 weeks already.

Even though the 3rd quarter 2022 closed transactions were a healthy 3,692 (or 44% above the 2019 level), with median sales price and average sales price increasing +3.6% and +4.3% respectively, it is clear that the situation has, in the recent months, turned from a market that favored the seller to a more balanced market which is heading into a buyers’ market.

It’s early to talk about price trends because, as we know, there is a considerable lag between a signed contract and a closing in NYC. But the recent trends point, at the very least, to an increased leverage in the hands of the buyer.

(data source: Urban Digs)